Investment funds and their investments strategy in the Republic of Macedonia
Investment funds and their investments strategy in the Republic of Macedonia

Summary/Abstract: Investment funds are institutions with primary interest to invest free resources of individuals and companies in order to achieve higher returns with lower risk level. To realize this goals, investment funds have to select an appropriate investment strategy and portfolio of assets.The paper analyzes the performance of investment funds in the country in order to investigate the development of investment funds in the past. The analysis is done in terms of change in the total value of the property and portfolio of the investment fund from several aspects: assets structure, geographical allocation and sectorial structure of an investment. The research provides an opportunity to review the functioning of this type of institutions in the capital market which is not developed enough, in this case with the example of the Republic of Macedonia. At the same time this gives us an opportunity to make a comparative analysis with the performance of investment funds in other countries (developed and underdeveloped countries) in the future. It also gives us an opportunity to bring a conclusion whether the global financial crisis had an impact on the performance of investment funds, i.e. what changes occurred in the investment policy and strategy in these institutions in response to the financial crisis.The research is based on secondary data obtained from publications of relevant domestic institutions (National bank of Macedonia and Commission for Securities of the Republic of Macedonia).

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